Costco offers three membership levels: Gold Star, Executive, and Business. In July 2024, Costco announced an upcoming price increase for all three levels. Starting September 1, 2024, Gold and Business memberships will cost $65 and Executive memberships will cost $130.
While an Executive membership costs twice as much per year, you’ll earn an additional 2% on eligible purchases. For Citi Costco Anywhere Visa cardholders, that means they’ll effectively earn 4% on all their purchases at Costco and Costco.com.
An Executive Membership makes sense for loyal Costco shoppers. If you spend at least $3,250 per year at Costco, you can offset the extra membership with an additional $65 in rewards. Don’t be afraid to upgrade to an Executive Membership mid-year either, because Costco prorates the annual fee based on the month you sign up.
The extra 2% that Executive members get isn’t unlimited, though. Starting September 1, 2024, the amount will be capped at $1,250 per year. Costco is also being cautious and doesn’t guarantee that your 2% earnings will be equal to or greater than your increased membership fee. In other words, do the math to make sure you’re spending enough to make an Executive membership worth it.
Costco issues 2% Rewards Certificates to Executive Members separately from Citi Costco Rewards. Each year approximately 2 months prior to membership renewal, the primary Executive Member will receive the 2% Rewards Certificate in the mail along with their annual renewal notice.
You can redeem the voucher to purchase merchandise at checkouts or to extend your Costco membership at the warehouse. It can also be converted to a Costco Shop Card if the primary Executive member becomes incapacitated or moves out of a Costco warehouse area.
Unlike the Executive Membership Rewards Certificates issued to Citi Costco cardholders, these do not expire. However, they cannot be redeemed for cash. If you cancel your Executive status before your certificate is issued, you will also lose all accumulated rewards.
